In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award–winning financial planner, university lecturer, and writer, interviews Paul Martin, President and COO at KRG Insure. As an expert in Property and Casualty insurance, Paul is here to explain what most of us don’t know about the insurance game!
Episode Highlights:
- 1:15 – Paul Martin introduces himself and what he does.
- 2:21 – What are the things that new businesses have to be aware of to protect themselves?
- 3:47 – Is it common for insurance agents to have cookie–cutter solutions?
- 5:23 – Jason and Paul break down the sizeable losses as a result of settlements today.
- 7:40 – Paul and Jason discuss the increasing levels of cyber claims and cybersecurity attacks.
- 10:30 – Are corporations without directors and officers breaking the law?
- 11:43 – How does the insurance world differ when someone is in a knowledge–based company?
- 13:51 – What is the risk to those who don’t disclose a home office or using a car for business?
- 16:00 – Are insurance companies accepting the risk of drivers using their vehicle more or less?
- 18:54 – What special insurance is needed for high–value items at home?
- 21:08 – Paul breaks down crime insurance and what that covers.
3 Key Points
- Liability settlements have skyrocketed in today’s world and even businesses that are doing everything right are at risk of a lawsuit.
- Up to 45% of businesses have been the victim of a cybersecurity attack, resulting in an all–time high of cyber insurance claims.
- Insurance companies have adjusted well to COVID and how that has forced many people to work from home and adopt side hustles that involve their vehicles.
Tweetable Quotes:
- “The first thing is to find a broker who has the knowledge in order to represent your business to the insurance industry.” – Paul Martin
- “To a man with a hammer, everything is a nail.” – Jason Pereira
- “It’s funny to think about how many things can go wrong at any given business even if you are conducting things properly.” – Jason Pereira
- “If you’ve got a $3-million car, I think you can probably have two guys with guns.” – Paul Martin
Resources Mentioned:
Transcript
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